Data in Motion: Confluent’s Pioneering Approach to Combatting Fraud i
In this episode of the Tech Talks Daily Podcast, I speak with Peter Pugh-Jones from Confluent, a company at the forefront of data infrastructure focusing on data in motion. This episode is a deep dive into the alarming rise of fraud in the UK, the complexities of data analysis for fraud detection, and the unique challenges faced by financial services organizations. The conversation is timely, given that over £600 million was stolen in the UK in the first half of 2022 alone due to fraud.
The discussion begins with the risks that financial services organizations face, particularly the reputational damage that can result from data breaches. Peter and Neil explore the proactive steps that can be taken to mitigate these risks. They discuss the simplification of architectures, the implementation of event-driven systems, and the creation of data products designed for better management and security.
The conversation then shifts to the concept of fusion centers. These specialized units amalgamate different types of data to gain actionable insights to combat fraud. Peter elaborates on how the evolution of technology in the banking industry is not just about enhancing security but also about enriching customer experiences through more accurate data analysis.
As the dialogue unfolds, Peter shares strategies for businesses to protect themselves better. He emphasizes the importance of early detection and discusses how adopting data streaming platforms like Confluent can be a game-changer in fraud prevention. Peter also delves into his methods for staying updated and educated, which include reading books, listening to podcasts, and drawing insights from various industries.